2021 has been a year full of change, and as consumers continue to gravitate towards online shopping, businesses are also transforming to meet the demand for convenience and frictionless digital payments for businesses and consumers.
In short, the industry developments are so rapid, widespread, and transformative that covering all industry trends would result in a 3 season Netflix Series - therefore we have selected some key topics that are split over two blogs.
Organizations can identify automated and more complex fraud attempts faster and more accurately by combining supervised and unsupervised machine learning as part of a larger Artificial Intelligence (AI) fraud detection strategy.
To assess risks, improve processes for AML, perform KYC regulatory checks and even make 1-second loan decisions.
It is evident that companies who wish to stay or become competitive in today’s landscape, need to take aggressive steps in ensuring that their strategy, infrastructure, and processes are data and AI-driven.
25% of the frontrunners of AI adoption in payments see it as mission-critical and strategic importance
Next to AI, it’s been a great year for Blockchain as well with numerous use cases of governments & massive organizations embracing the technology.
To provide some perspective;
All of the above have not even covered green blockchain initiatives, other payment utilities tokens, blockchain, and IoT integrations, Hybrid blockchain networks supported by the biggest banks in the world, and even more, the key takeaway is blockchain technology allows for incredible opportunities now, and with the likes of Web 3.0 coming up. We’re really just getting started.
Out of the top 100 public companies in the world; 65 are actively developing blockchain solutions and 16 are actively in a research phase.
Out of the 65 mentioned; Microsoft, Amazon, Tencent, Nvidia, J.P. Morgan, Walmart, Alibaba, PayPal, Samsung and the Bank of China are amongst the 27 companies with current live blockchain operations.
What are some of the best applications of blockchain in business you’ve seen so far?
As competition in the payments ecosystem is riling up between traditional and challenger banks, reshaping core systems and technologies of traditional banking is long overdue. When talking about future-proofing banks and financial services, the term Banking-as-a-service is starting to come up a lot. But what is banking as a service all about and how is it reshaping the industry?
Apple’s push to secure a spot in the payments ecosystem is still going strong. Or at least that’s the plan — executing on it may be … well, not that simple. This is because Apple has been making moves to build a network of merchants, among the most critical components of the payment value chain … with functionalities that are already out there in the market.
If you’ve even moderately kept an eye on any payments related news source, there’s no way you have not been bombarded with the Buy Now Pay Later craze in 2021. Almost all the widely known payment players in the field who could partake in the BNPL craze… actually did. We are quite sure that you have heard about the likes of; Klarna, Affirm, and Afterpay, but industry Giants such as Mastercard, Paypal, Visa, Square, Monzo, Revolut, Amazon, and even Walmart, are all offering BNPL options at checkout or are partnering with BNPL companies to offer this service to their customers. Even mighty Apple is climbing aboard.